TCS Deepens Strategic Partnership with Prudential Financial

Rhea-AI Summary

Tata Consultancy Services (TCS) has announced an agreement to acquire over 1,500 employees and select assets from Prudential Financial's subsidiary, Pramerica Systems Ireland Ltd. This acquisition enhances TCS's delivery capabilities in Ireland and strengthens its partnership with Prudential Financial. TCS will establish a Global Delivery Centre in Ireland, continuing to provide digital and technology services to Prudential while also expanding its services to other clients in Europe and the US. The transaction awaits regulatory approvals.

Positive

• Acquisition of over 1,500 Pramerica staff strengthens TCS's workforce in Ireland.
• The deal enhances TCS's delivery capabilities and expands its service offerings to clients in Europe and the US.

Negative

• None.

NEWARK, N.J. and DUBLIN and MUMBAI, India, Nov. 12, 2020 /PRNewswire/ -- Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organisation, and Prudential Financial, Inc. (PFI), a financial wellness leader and premier active global investment manager, announced today that they are entering into an agreement that will see TCS acquire the staff and select assets of Pramerica Systems Ireland Ltd. (Pramerica), PFI's subsidiary based in Letterkenny, Ireland.

The enhanced partnership builds on a long relationship between the two organisations and will see over 1,500 of Pramerica's staff in Ireland transfer to TCS. As part of TCS' new Global Delivery Centre in Ireland, they will continue to provide PFI with a range of business, digital and technology services, while also expanding TCS nearshore capabilities to provide the multifunctional, digital services and solutions to other customers in Ireland, the UK, Europe and the US. The transaction is subject to completion of customary regulatory approvals.

"Ireland is uniquely positioned to play a leading role in the digital economy. This key investment deepens our relationship with PFI and gives us a new delivery capability in Ireland with specialized expertise, that significantly strengthens our ability to meet the growth and transformation needs of our customers globally," said K Krithivasan, President - Banking, Financial Services and Insurance, TCS. "We warmly welcome Pramerica's employees into the TCS family. We are confident they will avail the immense career growth opportunities that TCS offers, and fully realise their potential."

Stacey Goodman, Chief Information Officer of PFI, commented, "We are incredibly proud of the organisation our colleagues in Letterkenny have built and evolved over the past two decades and excited for Pramerica's next chapter together with TCS and in partnership with PFI.  This transaction further expands our relationship with TCS, while advancing PFI's ongoing transformation process and providing exciting growth opportunities for Pramerica Ireland employees and the Letterkenny region."

PFI will retain the Pramerica Ireland entity, which will continue to operate from Letterkenny and will focus on providing regional business services, reporting under its global asset manager, PGIM.

TCS has been partnering with the world's leading banks, financial services, and insurance institutions in their growth and transformation initiatives for over four decades. It offers a comprehensive portfolio of technology-led, domain-focused services, and innovative solutions that empower BFSI institutions manage risks better, respond to market changes quickly, leverage ecosystems, accelerate innovation and deliver superior customer experiences, while ensuring regulatory compliance. Its award-winning TCS BaNCS™ suite of products and platforms that spans the complete financial services value chain, has helped customers across the world launch new products, enhance customer service, strengthen operational resilience, and grow their business.

In the UK, TCS is the largest IT service provider by revenue in the financial services industry, and the #1 provider of third-party policy administration services in the life insurance and pensions industry. It has been ranked by UK customers as #1 in customer satisfaction, in Europe's largest independent survey of IT service providers. It has been ranked the #1 Top Employer in the UK by the Top Employers Institute for the last three years.

About Tata Consultancy Services Ltd. (TCS)                                                                              

Tata Consultancy Services is an IT services, consulting and business solutions organization that has been partnering with many of the world's largest businesses in their transformation journeys for over 50 years. TCS offers a consulting-led, cognitive powered, integrated portfolio of business, technology and engineering services and solutions. This is delivered through its unique Location Independent Agile™ delivery model, recognized as a benchmark of excellence in software development.

A part of the Tata group, India's largest multinational business group, TCS has over 453,000 of the world's best-trained consultants in 46 countries. The company generated consolidated revenues of US $22 billion in the fiscal year ended March 31, 2020, and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in India. TCS' proactive stance on climate change and award-winning work with communities across the world have earned it a place in leading sustainability indices such as the Dow Jones Sustainability Index (DJSI), MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit us at www.tcs.com.

For TCS global news, follow @TCS_News.

About Prudential Financial, Inc. (PFI)  

Prudential Financial, Inc. (NYSE: PRU), a financial wellness leader and premier active global investment manager with more than $1.5 trillion in assets under management as of September 30, 2020, has operations in the United States, Asia, Europe, and Latin America. Prudential's diverse and talented employees help to make lives better by creating financial opportunity for more people. Prudential's iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit news.prudential.com.

PFI Media Contact:

Bill Launder

Email: bill.launder@prudential.com | Phone: +1 973 802 8760

TCS media contacts:

Asia Pacific	Email: charlene.lee@tcs.com | Phone: +65 9138 4370
Australia and New Zealand	Email: kelly.ryan@tcs.com | Phone: +61 422 989 682
Benelux	Email: joost.galema@tcs.com | Phone: +31 615 903387
Canada	Email: tia.thomas@tcs.com | Phone: +1 647 790 7602
Europe	Email: mattias.afgeijerstam@tcs.com | Phone: +46 723 989 188
India	Email: arushie.sinha@tcs.com | Phone: +91 22 6778 9960
Middle East & Africa	Email: s.hasneen@tcs.com | Phone: +00971567471988
Japan	Email: douglas.foote@tcs.com | Phone: +81 80-2115-0989
Latin America	Email: martin.karich@tcs.com | Phone: +569 6170 9013
Nordics	Email: roland.bagen@tcs.com | Phone: +46 70 317 80 24
UK	Email: peter.devery@tcs.com | Phone: +44 20 3155 2421
USA	Email: william.thomas@tcs.com  | Phone: +1 203-984-3978

 

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SOURCE Tata Consultancy Services

FAQ

What is the recent partnership between TCS and Prudential Financial?

TCS has entered into an agreement to acquire the staff and assets of Pramerica Systems Ireland Ltd. from Prudential Financial, enhancing its service delivery capabilities.

How many employees will TCS acquire from Prudential Financial?

TCS will acquire over 1,500 employees from Prudential Financial's subsidiary, Pramerica Systems Ireland Ltd.

What will TCS establish in Ireland following the acquisition?

TCS will establish a Global Delivery Centre in Ireland to enhance its service offerings.

What awaits the completion of the TCS and Prudential Financial transaction?

The transaction is subject to the completion of customary regulatory approvals.

What are TCS's plans for the acquired employees?

The acquired employees will continue to provide digital and technology services to Prudential Financial and other clients.